Reflection time - retirement financial goals

undiscern

Master Member
Joined
Sep 3, 2005
Messages
3,858
Reaction score
448
Today's term looks fine. issue is you are too overly vested in Singapore and assume that singapore will still be what she is 20 years later.

Also, is your terrace 99y LH, 999 LH or FH?

Off for the year already :)

Time to ponder on Long term financial goals.

I did a financial briefing for my Wife on Tuesday to tell her our family financial position and etc.

I am hoping to retire around 60/62 with my Wife. I am in my mid 40s. I estimate that (without exhorbitant and childish returns projections) that my HH will hit 6m net worth at retirement.

I am hoping that OUR net worth (in today's dollars) will be distributed in the following manner:

1 HDB
1 intermediate terrace
(Collectively 3m).

0.5m sg equities
0.5m SSB bond ladder
0.5m US equities/bonds
1m cpf (RA, SA, OA)
0.5m in cash/FD

If I can retire at 60 and leave till 80, I still have 20 years of leisure to enjoy. Coupled with the first 20-25 years of my life, more than half of my life won't entail me working. I will be satisfied..

What are your fantasies aka retirement financial goals?
 

ocs_woodlands

Supremacy Member
Joined
Feb 2, 2011
Messages
9,556
Reaction score
928
why not plan to be still physically fit when you turn 60? one of the best investments you can make now is in your health.

got people who spend all sorts of money to be private hospital insurance, but never take care of their health and don't lead a healthy lifestyle

Totally agree. 2 goals from now till 60.
1) maintain a B/C+ @ workplace
2) health and fitness.

This year bought an expensive TR90 weight loss programme from a nuskin distributor. Lost 4.5kg from July till now. My weight is now same as it was 10 years ago. BP good. Cholesterol good. Colonoscopy all clear. Health is huat!

Sent from Common Sense using GAGT
 

mummy1234

Banned
Joined
Jan 30, 2014
Messages
17,124
Reaction score
31
My retirement fantasy is that after I join a new company as an anchor Dr, they really deliver on their promise and get listed in a few years and my shares can then be worth millions. Even if not listed, he said worth S$850k which is just nice to pay off my home loan. I can then retire early in my mid 40s without selling my terrace.
 
Last edited:

rottingapple

Banned
Joined
Jan 15, 2012
Messages
42,672
Reaction score
9,079
My current age: 28, if i work another 30 years, with current savings rate from now on is 20k per year, i can save 600k in 30years. Then by 60y.o, go do some part time jobs as monthly allowance while my savings is my emergency in case i cannot work in future.
 

ocs_woodlands

Supremacy Member
Joined
Feb 2, 2011
Messages
9,556
Reaction score
928
My current age: 28, if i work another 30 years, with current savings rate from now on is 20k per year, i can save 600k in 30years. Then by 60y.o, go do some part time jobs as monthly allowance while my savings is my emergency in case i cannot work in future.
Don't worry,

you will surprised to see how your savings can grow exponentially as your salary grows. The key is at one point of time, your expenses stop growing while your income continues to grow. ..

Very important to have a spouse who warns about as much as you and NOT stop working when kids come along. An airplane with twin engines will fly further and reach a destination earlier..

Sent from Common Sense using GAGT
 
Last edited:

undiscern

Master Member
Joined
Sep 3, 2005
Messages
3,858
Reaction score
448
Very good advice!
Especially on the twin engine!
Don't worry,

you will surprised to see how your savings can grow exponentially as your salary grows. The key is at one point of time, your expenses stop growing while your income continues to grow. ..

Very important to have a spouse who warns about as much as you and NOT stop working when kids come along. An airplane with twin engines will fly further and reach a destination earlier..

Sent from Common Sense using GAGT
 

limster

Arch-Supremacy Member
Joined
Oct 31, 2000
Messages
11,423
Reaction score
2,432
Don't worry,

you will surprised to see how your savings can grow exponentially as your salary grows. The key is at one point of time, your expenses stop growing while your income continues to grow. ..


This also applies to dividend investing. At some stage, when your dividend portfolio is generating a few thousand dollars a month and covering your basic expenses, all the income you earn can be channelled to savings/investments.
 

SBC

Arch-Supremacy Member
Joined
Mar 19, 2001
Messages
18,704
Reaction score
817
V Satki assets.

How come not showing any insurance component?
 

Wood41

Supremacy Member
Joined
Jan 17, 2002
Messages
8,631
Reaction score
0
No kids just DINK ?
I saw occasion couples pushing puppies in strollers .

I always have a urge to ask them if that’s what they produce for themselves & Singapore future.
 
Last edited:

rottingapple

Banned
Joined
Jan 15, 2012
Messages
42,672
Reaction score
9,079
Don't worry,

you will surprised to see how your savings can grow exponentially as your salary grows. The key is at one point of time, your expenses stop growing while your income continues to grow. ..

Very important to have a spouse who warns about as much as you and NOT stop working when kids come along. An airplane with twin engines will fly further and reach a destination earlier..

Sent from Common Sense using GAGT

Thank you for the advice, the future financial goal im planning does not include possibility of getting married. But yes i guess my savings will grow more than what i expect. :)

The issue here is: How many people can continue to keep their job at that increasing pay till 60 years old?
As we know, many people got retrenched at about 40+ to 50+ years old and many have to make do with being jobless or taking up another which pays them less than half of the previous pay to survive.

I dont plan to stop working after 60, so what im saving now is meant for emergency. After 60 y.o take up some light job and use those as monthly allowance.

Oh ya, you point out something important, i may not have that energy to work in my current workplace till 60y.o, maybe i will stop at 50 y.o instead and do part time light job haha
 
Last edited:

mummy1234

Banned
Joined
Jan 30, 2014
Messages
17,124
Reaction score
31
V Satki assets.

How come not showing any insurance component?

I think it is his projections. He shared before that he and his wife's net worth including the property they live in is 2 mil before. And he has a condo that is not yet sold and no terrace yet. Correct me if I am wrong ocs_Woodlands.
 

revhappy

Arch-Supremacy Member
Joined
Mar 19, 2012
Messages
11,451
Reaction score
2,063
It is really unfortunate that spouse has to work in order to fulfill retirement goals. I personally feel the man is the one who is supposed to work and put food on the table. Women have the luxury to stay at home and take care of kids. But it is this expensive lifestyle which has forced women to work.

I read a really interesting analogy by an economist, can't remember his name. This is what he said. When you are watching a football match everyone is sitting down and watching the match. Everyone get the same view. Then few kiasu people stand up and watch. They get a better view and are at a advantage spoiling the view for everyone else. So everyone then standup inorder to gain the same advantage. What happens now? Everyone is back to square one and every gets the same view.

This is exactly what has happened in places like Japan, Singapore etc. Both husband and wife work and this has increased the cost of living such that now it has become a necessity for both to work.

In my house I let my wife stay at home. It is her personal choice. We live quite frugally and I have accumulated 800k now at the age of 38. So twin engine is not necessary :)

Sent from Xiaomi REDMI NOTE 4 using GAGT
 

hwmook

Arch-Supremacy Member
Joined
Dec 12, 2002
Messages
24,410
Reaction score
1,126
Don't worry,

you will surprised to see how your savings can grow exponentially as your salary grows. The key is at one point of time, your expenses stop growing while your income continues to grow. ..

Very important to have a spouse who warns about as much as you and NOT stop working when kids come along. An airplane with twin engines will fly further and reach a destination earlier..

Sent from Common Sense using GAGT

I ask my spouse not to work to take care of my son. Life is not all about money, I can make do with less monetary stuffs but not at the expense of my family. You reap what you sow.
 

hwmook

Arch-Supremacy Member
Joined
Dec 12, 2002
Messages
24,410
Reaction score
1,126
It is really unfortunate that spouse has to work in order to fulfill retirement goals. I personally feel the man is the one who is supposed to work and put food on the table. Women have the luxury to stay at home and take care of kids. But it is this expensive lifestyle which has forced women to work.

I read a really interesting analogy by an economist, can't remember his name. This is what he said. When you are watching a football match everyone is sitting down and watching the match. Everyone get the same view. Then few kiasu people stand up and watch. They get a better view and are at a advantage spoiling the view for everyone else. So everyone then standup inorder to gain the same advantage. What happens now? Everyone is back to square one and every gets the same view.

This is exactly what has happened in places like Japan, Singapore etc. Both husband and wife work and this has increased the cost of living such that now it has become a necessity for both to work.

In my house I let my wife stay at home. It is her personal choice. We live quite frugally and I have accumulated 800k now at the age of 38. So twin engine is not necessary :)

Sent from Xiaomi REDMI NOTE 4 using GAGT

Thumbs up bro, exactly what I think. My household expense is less than $1k a month so I am not sure why there is a need to force the spouse to work to earn more.

These dual income and delaying retirement are like drugs of the economy, the modern economy is addicted and can't rid themselves of these drugs.
 

MikeDirnt78

High Supremacy Member
Joined
Jun 16, 2002
Messages
47,623
Reaction score
8,163
It is really unfortunate that spouse has to work in order to fulfill retirement goals. I personally feel the man is the one who is supposed to work and put food on the table. Women have the luxury to stay at home and take care of kids. But it is this expensive lifestyle which has forced women to work.

This is an ancient thinking. In the past, men go to war and women stay at home.

In the modern days, both spouses ought to share the burden ie work, raise the children and do household work together.

My view is that if you don't plan to have children, then don't get married. So there won't be any strings attached.

If you plan to have children, you either get 1 of the spouse to stay at home or hire a maid. See whichever options are making more economical sense.
 

ocs_woodlands

Supremacy Member
Joined
Feb 2, 2011
Messages
9,556
Reaction score
928
It's all about opportunity costs.

What is the opportunity cost of a Thai/Indon/Viet wife staying at home?

What is the opportunity cost of a well educated Singaporean wife staying at home?

Well...... I would say, in one case 30k pa while another 150k pa.

It is indeed right that one reaps what one sows. However it is important to note that not all sow in the same way or are given the same seeds to start off with... And therefore 2 different sowers will reap different fruits.....

And anyway, we have crossed over to 2018 so wising everyone a Happy New Year...

Sent from Common Sense using GAGT
 

BBCWatcher

Arch-Supremacy Member
Joined
Jun 15, 2010
Messages
20,132
Reaction score
3,023
It’s not that simple.

1. Many people enjoy working outside the home.

2. The more income earners there are in the household, the lower the chances are that household income falls to zero. More income streams mean greater financial stability. Employment-related income streams are always variable, at least to some extent. (And this factor is particularly acute in Singapore, where there is no unemployment insurance. If the government wants a higher birthrate, a robust national unemployment insurance system would likely help.)

3. Career ladders are real. Leaving a labor market can result in permanent income loss.

4. That $30K/year income you mention is huge when the other spouse is earning $45K/year. Sure, the higher earning spouse is getting 50% more, but there’s a gigantic difference between $45K/year and $75K/year household income. (And see point #2 above.)

5. It’s extremely common that one spouse will work outside the home to support the other’s income-boosting education, such as a graduate degree, and vice versa.

6. Singapore’s tax- and CPF-related incentives push hard in favor of dual income households. (Same comment about whether the government wants a higher birthrate or not.)
 

LiteHouse

Arch-Supremacy Member
Joined
Aug 24, 2001
Messages
22,812
Reaction score
4
It is really unfortunate that spouse has to work in order to fulfill retirement goals. I personally feel the man is the one who is supposed to work and put food on the table. Women have the luxury to stay at home and take care of kids. But it is this expensive lifestyle which has forced women to work.

I read a really interesting analogy by an economist, can't remember his name. This is what he said. When you are watching a football match everyone is sitting down and watching the match. Everyone get the same view. Then few kiasu people stand up and watch. They get a better view and are at a advantage spoiling the view for everyone else. So everyone then standup inorder to gain the same advantage. What happens now? Everyone is back to square one and every gets the same view.

This is exactly what has happened in places like Japan, Singapore etc. Both husband and wife work and this has increased the cost of living such that now it has become a necessity for both to work.

In my house I let my wife stay at home. It is her personal choice. We live quite frugally and I have accumulated 800k now at the age of 38. So twin engine is not necessary :)

Sent from Xiaomi REDMI NOTE 4 using GAGT

Same sentiments. It's better for the woman to be stay at home mother if financially possible.

There's another thread with many replies on this topic of taking care of newborn baby:

http://forums.hardwarezone.com.sg/eat-drink-man-woman-16/any-parents-here-your-parents-got-refuse-take-care-your-baby-child-5749981-10.html
 

revhappy

Arch-Supremacy Member
Joined
Mar 19, 2012
Messages
11,451
Reaction score
2,063
@BBCWatcher, it is about demand and supply. If both spouses work in all households, then everyone's income doubles and everyone is basically back to square one and have the same relative disposal income as before.

In Netherlands ( and I guess much of developed Europe) there is a cap on number of hours people can work. They need to work only 36 hours per week. I work for Dutch bank so I know. This regulation is in place so that people don't over work and then employers don't squeeze them and more employment is generated.

Imagine if every household only men work, what will happen? More men get jobs and they can take care of their families and the income divide between rich and poor families comes down.

It is a different matter if women willingly want to work. But looking at people's face, do you think they really enjoy working? My estimate is about 80% people work because they have no choice and it kills their soul and makes them miserable.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 
Last edited:

revhappy

Arch-Supremacy Member
Joined
Mar 19, 2012
Messages
11,451
Reaction score
2,063
This is an ancient thinking. In the past, men go to war and women stay at home.

In the modern days, both spouses ought to share the burden ie work, raise the children and do household work together.

My view is that if you don't plan to have children, then don't get married. So there won't be any strings attached.

If you plan to have children, you either get 1 of the spouse to stay at home or hire a maid. See whichever options are making more economical sense.
If the woman is career oriented then yes by all means. But this means the opposite should also be true, the man should be allowed to be a stay at home husband, if he wants. But I don't agree that both spouses have to work to make ends meet. If it is true then it is unfortunate for that city/society that one person's earnings is not sufficient to feed the family.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top